Hi geeks,
So the time is coming for me to fly the nest. My boyfriend and I have started saving and I've got an accountant to do my books..... I've never been so stressed lol
I'm declaring everything and working extra hours to show my earnings are enough for a mortgage, I plan to do this for the next 3 years as I believe most mortgage companies need 3 years of accounts from self employed people.... my issue is my taxable earnings as shown on my SA302 are sooo low, alot less than i was expecting after deductions and I don't feel shows my true 'take home' and definitely not enough for a mortgage but my tax is so high it's crippling me...... next year if I put less deductions through (chair rent, petrol, website fees, advertising, tools ect ect) my sa302 earnings will of course be subsantially higher but so will the tax which mean there goes my monthly deposit into our savings
I guess I'm just moaning I know it has to be this way How did you all cope during this period?
Feel like it's a lose, lose situation.... I either work hard, declare everything, put through all eligible deductions so my tax is more affordable so I can save a deposit and my taxable earnings are not enough for a mortgage
Or
I work hard, declare everything, put through barely any deductions and my tax is higher so I can't put money away for a deposit but my taxable earnings are more attractive to mortgage companies
Feel like banging my head against a wall.
From
Stressed out 25yr old lol
So the time is coming for me to fly the nest. My boyfriend and I have started saving and I've got an accountant to do my books..... I've never been so stressed lol
I'm declaring everything and working extra hours to show my earnings are enough for a mortgage, I plan to do this for the next 3 years as I believe most mortgage companies need 3 years of accounts from self employed people.... my issue is my taxable earnings as shown on my SA302 are sooo low, alot less than i was expecting after deductions and I don't feel shows my true 'take home' and definitely not enough for a mortgage but my tax is so high it's crippling me...... next year if I put less deductions through (chair rent, petrol, website fees, advertising, tools ect ect) my sa302 earnings will of course be subsantially higher but so will the tax which mean there goes my monthly deposit into our savings
I guess I'm just moaning I know it has to be this way How did you all cope during this period?
Feel like it's a lose, lose situation.... I either work hard, declare everything, put through all eligible deductions so my tax is more affordable so I can save a deposit and my taxable earnings are not enough for a mortgage
Or
I work hard, declare everything, put through barely any deductions and my tax is higher so I can't put money away for a deposit but my taxable earnings are more attractive to mortgage companies
Feel like banging my head against a wall.
From
Stressed out 25yr old lol